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Club membership sale

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(Querist)
18 July 2013 Hi All

one of my client has sold his club membership. whether this is taxable under the head Capital Gain.

please refer relevat case laws.

Please reply ASAP. its urgent

Thanks
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
18 July 2013
Yes owing a club membership is Capital Asset under section 2(14) and any gain (if any) will also covered under section 45
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
18 July 2013 since it is a case of transfer of capital asset it will be chg to capital gain.
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